Buying a property can put you under a lot of stress and can make you rush your decision. You wouldn't want to screw you the biggest purchase of your life would you? It is very easy to make mistakes though. sometimes you forget to use your head and use your heart instead but this isn't always the best choice. Investing For Life have compiled a top house hunting mistakes list to ensure you have the chance to have no regrets.

Can You Really Afford That House?

Let's say you have a budget of 500K but there's this really nice house for 520K and "meets all your needs". Can you really afford this house? This is the number one mistake people do when they are buying a house. When searching for your next home, try by starting at the lowest price possible and work your way up to the most expensive. This strategy works because think of it this way. For every dollar or hundred or thousand you spend, that is an extra dollar or hundred or thousand you spend on interest. You don't want to have to fork out more money when you don't need to.

Have You Shopped Around For The Best Mortgage Lender And Gotten A Pre-Approval?

Some mortgage rates can be really low but are not flexible at all. Some mortgage rates are really high but are extremely flexible. This should be taken into consideration when getting your pre-approval and buying a property. Secondly, did you get a pre-approval before searching for a house? This is another big mistake people do when buying a house. A pre-approval is so important as this determines if you put an offer up for a house and it is very different to what the bank says you can borrow off of a few calculations.

Have You Done Your Market Research?

When inspecting a house it can be easy to fall in love with in very quickly but have you looked into the neighbourhood? This simple and little bit of research can determine the difference between being extremely happy to live there or if you will hate it. Have you checked the crime rate? Have you checked if the local schools are good? Have you checked the traffic? Are there any near by grocery stores and other retail stores? Is there a hospital near by in case of emergencies? What is growth rate in the area? Will you be able to find a job? All these things should be considered when buying your home.

Are You Rushing To By A House?

You may be in a tight time frame or just really excited but just remember to always take a breather and really take into perspective of what you really want. If you are rushing to buy a property, you may end up buying one that does not suit your needs at all.

Please make sure you have inspected the house

Just to make sure this is clear, an appraisal to check house conditions is not an inspection. Photos can be very deceiving and I wouldn't want you to fall for some really good editing skills. inspecting a property means you feel for what the neighbourhood is like, if it is in a busy street, if your neighbours are nice, if your house is smaller or bigger then the pictures, if there is any marks or cracks and if there is anything broken.

Did you use a real estate agent?

Now a real estate agent isn't for everyone but sometimes they can help you get the best deal on your dream house and sometimes they can reveal properties to you that are not on the market yet. A real estate agent could also be good to use to lower the price on a property and teach you some tricks to use when bargaining. 

There are many mistakes people make when buying a house but this should not scare you away from buying your dream home. Everything comes with a risk and you just have to prepare yourself for all kinds of things to happen. Buying a property can be the most exciting thing and scariest thing you will ever do in your life. Investing For Life would love to hear your experiences about buying a house down in the comments.